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. >>> well on come to wourd wide exchange. as is an decide barrels towards the east code, u.s. authorities order thousands to evacuate for the the biggest storm. >> my first message is to all the people across the eastern seaboard atlantic going north that you need to take this very seriously. >> all u.s. stock markets will be closed today. its first weather related closures in 27 years. and shares in ubs rise in the open after reports swiss bank may cut 10,000 investment banking jobs and wind down up to 15 trading businesses. police wen and his family fight back. their lawyers call it untrue and are considering legal action against the "new york times." for our u.s. viewers, the show will be on just one hour this week because europes has gone off daylight savings time, so we're just four hours ahead now of new york time. hurricane sandy is also still several hours away from make landfall, but the impact of the storm is already being felt. transportation has ground to a halt as new york and other major eastern cities have shut down mass transit, airlines canceling flights and
. >> europe went off daylight savings time a week ahead of the u.s. back to full schedule next week. in the meantime, sandy is no longer a hurricane by name, but still making a major impact. storm made landfall monday night along new jersey east koer. still packing hurricane force sandy is expected to weaken, but the rain could linger. already at least ten deaths have been blamed on the storm. u.s. markets will be closed for a second day today. still electronic trading. the last time by the way the new york stock exchange was closed for more than a day because of weather, 1888. when a snowstorm piled up to 40-foot drifts. u.s. refineries had to shut nearly all the east coast fuel supplies ahead of sandy and they'll begin assessing damage today. three of the key six refineries shut down. analysts estimate sandy could cost between $5 billion and $10 billion in ensured losses. it would be the fifth costliest hurricane in u.s. history. sandy could cause more wind and flood damage than hurricane irene did last year. new york city and especially lower manhattan saw its shares of flooding
there as tensions between the two countries intensify. the u.s. government suing the nation's biggest mortgage lender. we'll take a look at how the global industry is faring. then it's off to paris. the stricken car maker is downgraded by moody's a day after demonstrators stage protests. we'll have details from the french capital. and we'll head to new york where there's an appetite for young, profits that is, up nearly a quarter from a year earlier. we'll take a look on a big day for earnings on wall street. and a big week that's coming up. joining us now onset, though, bob mckey. bob, you're here with us, chief economist from independent strategy. i guess let's just begin by talking a little bit about some of these headlines that we're hearing from the imf regarding financial stability. obvious, i guess, to sort of draw attention to this issue, but in your mind, is there still lingering risk out there from the lack of reform, i guess, in some areas of the industry? >> i think what the global stability report is showing -- it's the third report the imf brings out at this semiannual meeting. e
who actually killed us on 9/11. as a consequence, al-qaida's core leadership has been transcended. we're able to transition out of afghanistan in a responsible way making sure that afghans take responsibililility for themselv. that allows us to rebuild alliances and make friends around the world to combat future threats. now, with respect to libya, as i indicated in the last debate, when we received that phone call, i immediately made sure that, number one, we did everything we could to secure those americans who are still in harm's way. number two, that we would investigate exactly what happened. and number three, most importantly, we would go after those who killed americans and bri bring them to justice. i think it's important to think about what happened in libya. keep in mind that i, and americans, took leadership in organizing an international coalition that made sure that we we were able to, without putting troops on the ground, liberate a country that had been under the yolk of dictatorship for 40 years. god rid of a despite who killed americans. despite this tragedy, you had
, willing to act was the other phrase he used. he will consider the options and the conditionality, but it wasn't just a decision for spain, it was also a decision about the future of the and you are row, too. and given the perspective of the market, i think you can agree the longer we wait, the higher the risks. >> thanks for that, julia. so just remind you on today's show, we'll be in moscow for the russian investment forum. we'll hear from the deputy. also be in philadelphia to talk kraft. the share at a ten year high. and we'll speak first to the ceo of talix. it has opened higher after the ipo. before that, the rba has surprised the street by cutting to a three year low. the central bank said the move was prompted by several factor, including china slowdown and the high australian dollar. it's widely expected to continue. you've just been in australia. >> i have. i'm still suffering from the consequences of it being a short trip. got back on the weekend. >> what do you make of them obviously being deeply impacted by -- >> well, it was all the rage topic of the two days i was t
suffering the biggest recession. joining us is chris williamson, global chief economist, which puts all that data together. take the german pmis, take your composite pmis, not cheery. >> it's not a good picture, no. the survey is pretty unanimous, saying the zone is going through a tough moment, the worst since 2009. these are really bad numbers. what's interesting is the official data haven't quite caught up with that yet. they're still suggesting a sta stagnation. >> if you were going to translate this into gdp numbers, hard data, what would the read-through be? >> well, we're looking for the region as a whole, a gdp collapse of around 5.6% in the third quarter and that same rate of decline as we go into the fourth quarter. that sort of contraction is what we're seeing at the moment. that matched the pmi reading in terms of how you would look at gdp. so france has joined the periphery, if you like. germany is showing some resilience, but nevertheless -- >> october manufacturing pmi came in this morning -- what was the flash estimate? 45.7. now people are looking for number 48 on that.
beach roots from london, so it's been using the flights to fly into some of those little nations. it seems as though the pursestrings for holiday travelers has certainly being loosened a little bit. let's take a look at what's playing out on debt markets today across the charts. you see prices are moving high. we're still seeing below the 1.5% level. the constant question mark surrounding the official request for aid. but so far yield pressure is still okay. just drifting off that 5% level. across foreign exchange markets today, let's look at the flavor that we're seeing out there. a little bit of appetite still for the u.s. dollar. the trade for the australian dollar has been down since then. so it seems as though that might be a little bit broken. dollar-yen rates fairly stable for a couple days, but still we are seeing story up and down a tenth of a percent. euro/dollar -- 129 and a quarter is the handle. the golden week holiday has been impacting liquidity, although some people really take you off for some of those beach destinations. >> really a lackluster day of trade. the
. now residents belong a long and costly recovery process. >> the u.s. markets are set to reopen after being closed the last few days. the new york mass transit system is still shut down. >>> new sthats now expect profit growth to hit the slowest since lifting. >>> welcome to today's show. the good news is financial markets start trading again. >> well, good news or it depends on how they open. certainly there's people with pent up demand. >> i think whatever happens, the fact that we're back up and trading is a good thing. >> the interesting question is why. but why couldn't the new york stock exchange have gone with its electronic trading systems. will this serve as a catalyst to maybe pursue that route the next time with more confidence. >> it's a day of cleanup. >> yes, it is. millions of people in the northeastern u.s. will spend days or weeks to recover from sandy, which is being blamed for at least 46 deaths. at its peak, more than 8.5 million homes and businesses were without power. new york city and new jersey, especially the jersey shore, were the hardest hit. president obama
got a tough crowd with us today here. >> we really do. in terms of this market here, what do you want to do in the face of all of this? do you want to put money to work or sit on the sidelines going into year end? >> you can't put money on the sidelines. what are you going to do, buy a treasury bond and get killed? you have to put money to work and put it in those things the government cannot create by fiat. that's hard assets. >> okay. keith, what are you buying here? >> you've got to buy yield here. you can buy some hard assets, but we're in a deflationary environment. we don't see inflation -- >> don't go to the grocery store. >> assets are being destroyed faster than the government can inflate with. you have to buy yield. you can find good yield. there's plenty of places if you don't need all the risk of the market. it's what we do for our clients. we have to remember, we're in a deflationary environment for a couple more years. that's why we're not seeing any inflation. >> look, can i say something? look -- i hate to interrupt. >> you did. >> i know, but that's kind of how i do t
headlines. the september u.s. jobs report is up on the mood of investors with data expected to show another month of modest yet unspectacular growth. samsung expects another record quarter of smartphone sales, but analysts say this could be the peak. and the bank of japan holds off on more easing for now, but opening the door to more action later this month. also, spain's finance minister says the country does not need a bailout facing a skeptical crowd in london, but could rajoy be cornered by the leaders of france and italy at a meeting today? i've been away for a couple of days and thanks for whoever filled in. on today's show, planning more sanctions on iran. we'll look at the worsening impact on the panel of experts. larry fink said the u.s. housing market is inching closer to a rebound. we'll hear more from that interview. and can the united states dodge a financial cliff in we'll speak to a guest who has clear ideas of what needs to be done. first it's about the jobs report, unemployment report due out at 8:30 eastern. economists think yet another month of modest job growth, but not
professor and senior fellow at brookings, which authored that very study. also with us are savita from merrill lynch. very strong language in the report, global economic recovery hits the ropes but you do make the point that the u.s. certainly looks better than everyone else. so, the key question is, can the u.s. avoid catching the world's cold? >> that's a literal statement. the u.s. looks better than other xhis in the world but it's not a great spot to be in. with the amount of policy and political uncertainty, the u.s. -- even the u.s. recovery staying strong is certainly not a sure thing. they'll be buffeted by headwinds from abroad because china and india are not doing well. even u.s. has a rocky road ahead. >> you go through nearly every region of the world and talk about all the negatives in every part of the world. is there going to be a global recession? can you put a percentage on it? what's your estimate? >> well, right now it's political and policy uncertainty that's really the big story in virtually every economy. central banks around the world have put a floor on risk, an
much to all of you for joining us. let me get your take on the housing numbers today, jeffrey. it looks like they were better than expected. still a debate going on in terms of where this recovery stands. >> they definitely were better than expected, but from very low levels. we're up 70, 80% from the lows. but we were well down from the peak in housing. we're not expecting housing to be the steam engine of this recovery. maybe there's a little too much excitement with this particular report. >> john, in terms of putting money to work in this market, do you think what jeffrey is saying, in terms of where we are, is priced into this market? >> when i look at the markets right now and what's going on with the movement in stocks over the last year, it's been on very low volume. in my mind, the one big economic indicator we need to be following is job growth. i don't see job growth that's going to allow us to keep a sustainable movement in the market. >> do you want to sell into equities? >> i guess when i look at it, i'm looking at a longer-term horizon. i think volatility is here to stay
first broke the details last week. he'll join us in the next hour. and citigroup leads the earnings parade. numbers due at about 8:00 a.m. eastern time. the banking giant is expected to earn 96 crepts is share on revenue of $18.4 billion. as always, well bring you the results and instant analysis. both of these stories could be keys to the broader markets today. stocks are coming off their worst week since early june. it's been four months since we've seen a week like we saw last week. it was bad across the board for the dow, the s&p and for the nasdaq, but many on wall street are buzzing for a bullish story which suggests the dow could soar past all time highs. argues stocks are healthier today. our what's working now series continues. in just a few minutes, we have mark mobius joining us with his take on the emerging markets. he travels world looking for the best bets. and at 6:30, the ceo of rbc wealth management, john taft. at 8:00, we'll turn to the fixed income markets with jim r reynolds. plus neel kashkari will be offering his stock selections, as well. and this morning we a
focus of the debate. maybe we'll get answers from obama. maybe he will tell us why he threw hillary clinton and the intelligence group under the bus. will he man up and take responsibility for this? also this evening. city corp. ceo resigns and they all beat. larry, this is the second day we close high on the day. this rally had nothing to do with citigroup. i'll tell you what is behind it in a few moments. round two kicks off. we are two hours away. the second obama debate comes in the race and also very close to barack obama in the key swing states. this is the town hall format. it has proved tricky in the past. of course the topics are going to range from domestic policy and you can expect talk about the attack in libya that has broiled the raise ice in recent. >> why is the white house letting hillary clinton take the blame? >> i take responsibility. 60,000 people all over the world. the president and the vice president wouldn't be knowledgeable about specific decisions that are made by security professionals. clinton saying the buck stops with her. >> harry truman had it right.
company's performance will not be affected by the outcome of the u.s. election. >>> plus top oil producers forge ahead with ambitious output targets banking on stronger chinese demand. >>> and president obama and mitt romney are set for round two of their presidential debates tonight with the task of winning over undecided u.s. voters. >>> we start to get the into the meat of the week. advancers outpacing decliners by a little more than 6:3. yesterday ftse was up 0.2%, dax up 0.4%. this morning another third percent gains for the ftse 100. c 40 up 0.4%. ibex up about 1.10%. s&p putting a negative outlook on biggest spanish banks. let's show you where we stand. not impacted on the stocks. as far as bond issues are concerned, we have a t-bill auction coming out today in spain. we'll get the results of that in about an hour. 5.82%. spanish yields slightly higher than where we were yesterday. italy is fairly contained. the big test for spain will be on thursday. first time we've had a primary debt auction out of spain since the s&p downgrade last week. we'll keep our eyes on gilts, as well. uk
, three town. president obama and mitt romney dual over foreign policy and the health of the u.s. economy in their third and final debate. made vase mire lays out her vision of yahoo! as the internet company posted better than expected third quarter figures. but burberry an lis cutting price targets. and bank of israel splaning for all sorts of eventualities among tipped tensions. . >>> on today's show, plenty to get through of course. let's remind you what's coming up. we'll discuss the presidential debate with experts one which president obama says was clearly the winner while the other thinks romney was the one who looked more presidential. we'll hear from the governor of israel stanley fisher with a live update from tel aviv. and we'll get an in-depth analysis on the latest earnings out of japan. find out what stocks our guests think is a buy at 10:30 cet. also is there more easing on the cards for the fed? we'll head out to philadelphia with the latest expectations. the fed begins its two day meeting. but first, president obama and mitt romney faced off for the third and final time b
'm melissa lee from the new york stock exchange. let's take a look at how we're setting off on u.s. futures. certainly got a lot of data when it comes to economic data. durables talking of 9.9%. we are seeing a higher open across the board for the s&p, the dow and the nasdaq. taking a look at europe, italy is down by just .10%. a road map develops for what could be a very, very good day in technology. hear what steve ballmer has to say. >>> the mini ipad is out. >>> more trouble at best buy, a major management shakedown. >>> and is cramer going to call this the come back story of the quarter? and could it keep the ceo off the hot seat? >>> we begin today of course with microsoft officially unv l unveiling it's -- the secret staging area microsoft uses to lae out it's retail stores nationwide, we talked to steve ballmer about pcs versus tablets. >> you asked me what's going to happen to the pc market and the tablet market. we can't tell them apart. but with one arrow, we have if you will gotten two birds, tablet and pc, but we don't want to let any of the innovation surface of that not be e
you all. thank you so much for joining us. what do you think? good day for the markets? but, of course, off of the best levels. what does this tell us about the fourth quarter? >> yeah, sure. you have a lot of positive momentum heading into the fourth quarter. the seasonals tend to be positive going into the end of the year and the beginning of the new year. you know, you've got that going for you but have some uncertainties. the u.s. elections, the fiscal cliff. you've got some back tracking in europe. and then you've got the leadership transition in china. so i think you're going to have that positive influence, maybe met with a little bit of resistance around some of the unserpt you'll see because of these i vents. we think the markets are higher 15 months from now. >> okay, so even if we do see this volatility you think 15 months from now, are you going to be in a better position? what about that, peter, we've been talking today that the expectations call for a contraction in third quarter earnings. going to see a negative performance from the third quarter, these are the expectati
is not hearing you either. >> rob, are you with us? all right. some technical issues here. rick santelli, jump in here. let's talk about what you're seeing in chicago. >> bill, i can hear you. i couldn't hear maria. >> i'm wondering if you're seeing the beneficiaries in fixed income today. >> i wish we were. i wish we were. normally when you see a drop in equities, yes. you see lower yields because people buy treasuries. but it isn't happening very much today. certainly we're at a lower yield than we settled yesterday and a basis point lower. in the end, the key is over the last five sessions, maria, we've close between 161 and 165 yield. we're going nowhere quickly here. i think the deterioration in stocks is just a little bit of white noise, maybe people listen to ben bernanke yesterday. it just didn't add up. i can't tell you what was going on. >> what didn't add up, rick? how about the milton friedman stock? i know you've been all over that all day, so i brought a quote for you, rick. >> uh-oh. >> i brought a quote. milton friedman in his own words. now, rick, i know what you said, that an
-mail. or give us a call. miss something? head to "mad money." bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners. >>> there is nothing more important than having some yield. nothing. most vindividual investors are under the impression that the way you make money is that owning stocks is by powering higher. that is only half the story. something like 40% of the gains from owning stocks came from getting that dividend and buying more stock with it. buy buy buy. we want to own stocks that go higher but we need to buy stocks that have high yields. the returns from bonds and sertiser t sertive cats of deposit bring me to the call
a distinguished panel to take us through these big stories. gene muenster of piper jaffray with me. our very own john fort. good to see you, gentlemen. thank you for joining us. ben pace, let me kick this off with you. when you see a specific story like what happened today in google and you put it into the overall economy and the landscape that we're talking about, which of course has been weak for technology earnings, what does it tell you? >> well, tii think it just tell us to be a little cautious here. we're at highs. we've been trading in a trading range since the qe-infinity announcement in mid-september. i think the bar had been set low for third quarter earnings based on second quarter earnings and the summer economic slowdown. but it is sector by sector. you've seen some weakness in technology. the financial earnings were okay. the consumer earnings seem to be okay. we're only about a fifth of the way through. but it's a continuing trend of low growth rate of earnings, maybe even negative this quarter. more importantly, disappointments in revenues. with margins as high as they are, it's
high-tech tim pkin steel. this kind of technology, the technology you see behind us, sure feels more certain and more tangible than google's technology after today's brutal shortfall. and you know, what that's the main reason why we came out to the industrial heartland today, to examine firsthand the manufacturing belt that used to be rusty, but that ruflt has been washed off by good new american know-how and yes, a hefty dose of cheap american power brought to you by the oil and gas shale that lies beneath thousands of feet below the ground. and actually just a few miles from where i stand. we're xmg a renaissance you probably haven't even heard about. we had to come to this small corner of northeast ohio to believe it ourselves. because it is that magical. you'll see tonight how bearings at this timken factory behind me help chesapeake drill for oil and gas in the utica shale that is then shipped via spectra, the pipeline company, to reach homes all over the country, including those serviced by our country's largest utility, american electric power. we're going to talk to the execu
as well. joining us from the buttonwood gathering here in new york. gentlemen, good to see you all. greg, i guess no surprise, but how much of this is, you know, leaving things almost precisely as what they said and did in september? how much of that is their view of the economy, and how much of it is they want to stay out of the way, two weeks away from the election? >> i don't think this has to do with the election. i think it more has to do with the first part of what you said, that they haven't seen much change to their fundamental view. i want to point out two things that did not change that i think were noteworthy. they still describe the unemployment situation as elevated in spite of that surprise drop below 8% we saw last month. they also said inflation expectations are stable in spite of the fact that since their big announcement last month in the bond market expectations have risen. that's important because it tells me they have not seen anything in the improvement in the labor market or the rise in inflation expectations that would deter them from doing more. all eyes are on t
. originally the nyse had planned to use its electronic platform, but at this point it has decided to shut trading all together. that happened after it had conversations with other u.s. stock markets and with u.s. regulators, including the sec. and this is the first weather related shut down since hurricane fwlor i can't back in 1985. the cme group is running its urk of usual futures session from 6:00 p.m. to 9:15 a.m. eastern. you will be able to see the stock index futures throughout the morning. they are under pressure right now. cme will be shutting down trading after that time. so depending on the impact of the storm, it's possible the same scenario will be repeated this morning. three companies have canceled earnings reports. pfizer, nrg and entergy. the government still planning to release personal income and spending data at 8:30. >> the question is did they decide to shut down the electronic portion because the s sec and others said we don't know whether the system unto itself will work, or -- >> they did taest it back in march. >> and they were undetermine pressure in banks and c
. >> imf down grades global growth saying europe and the u.s. needs to get their finances in order or risk further weakness. >> the euro trades lower as draghi speaks in brussels. the ecb president announces proposals to deal with risks from the banking sector. >> plans to make further proposals for macro policy particularly on vulnerabilities linked to bank funding. >> angela merkel faces a tough reception in greece as protesters take to the streets. >>> and alcoa kicks off what could be subdued u.s. earnings season. third quarter results of the s&p 500 are expected to drop overall snapping 11 quarters of gains. >>> okay. good to have you back. >> good to be back. you were out, i was out, it was -- >> and i was a little worried about what you were up to, so i do admit, i had you followed. and my man, he sent me back this photograph. >> oh, no. >> that is you with the goggles, right? >> yes, that's me with the goggles. >> what's going on? >> that's my sister at the end there. so i was back at my alma mater in virginia for my college reunion. part of that was -- >> to dress up and pretend y
for joining us. good to see you. when you look at the inflation data, trade data suggests things are actually a little bit better than we might have thought. are they just one month figures? >> are you asking whether it may be a one off? >> yes. >> okay. i see. prior to the data release, we were looking for actually a stabilization of export growth in china. and given the recent improvement in the global ism and also export orders, so instead a little better than expected. and wihether or not it will extend into early next year remains to be seen. what we can try for watch for as a gauge is the trade fair that starts today. we can check out whether the export orders during this trade fair will help to extend the growth. >> so what more policy action are we going to get? >> we see today the inflation figure came in line with expect station and for the full year, the inflation probably will come in at 2.7%. also mentioned by the pboc governor during imf and the world bank meeting over the weekend. and i think the governor was emphasizing on the medium term inflation risk and the controlling inf
. and a late burst of spending by consumers is likely to boost third quarter u.s. gdp, but growth may still be too sluggish to bring down employment. welcome to today's show. the last one of the week here. and just remind you plenty to get through as we count down toward the gdp number in the u.s. we'll have an interview with the boss of jpmorgan, jamie dimon. his views on the election and his outlook on the economy. microsoft is unveiling its windows 8. we'll have the latest plus in-depth analysis at 11:45 cet from new york. at 10:20, we're heading to hong kong. big day for earnings from chinese lenders. and then at 1 ch11:50, we're in chicago and third quarter u.s. g gdp. apple corporate figures up 24%, but it missed analyst forecasts. second straight miss for the company. revenues rose 27%, slightly better than expected. apple sold nearly 27 million iphones. the iphone 5 was released at the end of the quarter, but ipad sales were well short of forecasts. apple first quarter guidance which includes the holiday shopping season also trails analyst estimates. lowist figure in around four yea
's wrong with that? [ticking] >> when the u.s. oil companies came here in the '40s and '50s, the americans moved into the area with their families and developed it to suit their tastes and their way of life. they created a replica of american suburbia. today you could be in the outskirts of houston or los angeles. it's almost like it's an enclave within saudi arabia. it's--different from the rest of the country. >> yes, that's true, because-- >> very different. it kept a lot of the american ways. >> yes, of course. >> but blocked off from the rest. >> they are good ways. there's nothing wrong with it. these were their excellent ways. >> welcome to 60 minutes on cnbc. i'm morley safer. in this edition, we follow the flow of big oil from massive, mega billion dollar oil fields in saudi arabia to the u.s. where wall street refines the oil into a mega billion dollar commodity. we begin with a look back to 2008 when the price of oil, theoretically tied to supply and demand, suddenly became untethered. storage tanks were full, yet the price skyrocketed from $69 a barrel to nearly $150 before it
using a gun. recently, "american greed: the fugitives" spoke with barksdale from a federal prison, where he said he always knew how the scam would end up. barksdale gets nearly 11 years in prison, but prosecutors say, in truth, jackson was the brains behind the scheme, and is facing a sentence that fits her role as the scam's alleged leader. >> neisha jackson was looking at some years. there's no doubt about it. >> narrator: matthew segal is an assistant u.s. attorney in sacramento who prosecuted barksdale. in october 2011, he's back in court, ready to put this massive case to bed. >> there we are in the morning, and it's time for neisha jackson, actually, to be sentenced. her lawyer's there, and i'm there. the judge is there. but no jackson. >> narrator: as time passes, jackson's lawyer says she's gotten a phone call from her client. jackson says she's not there because she's in the hospital. segal isn't buying it. >> given that the entire nature of this case was using the phones for fraud, i only would have been comfortable if i had seen jackson right in front of me. >> narrator: his d
. welcome to the wall street journal repart. i'm maria bartiromo. companies tell us how profitable they are. what does it mean for the markets and your money. what is bob woodward uncovering in his new book about president obama? rare access to the president and how he handles the economy. a familiar face and concern. my conversation with matt damon about clean water around the world. >> it eeps the place where i feel i can have the biggest inl pact on people's lives. >> wall street journal report begins right now. >> the wall street journal report, now, maria bart row know. >> we'll have all that in a minute. first, bill griffith with a look at the headlines. >> here is a look at what's making news on wall street. the all important earnings season is upon us here with mixed expectations. so far, it's what companies have been delivering. jp morgan chase turned in estimates. housing turned a corner. wells fargo beat expectations but it fell short on the revenue side. alcoa lowered the forecast citing slower economy. by thursday, the dow was riding a four-day losing streak and the nasdaq had
's delivering very low interest rates for us in the market at the moment. so that is the proof that there's international problems. >> the bae/eads merger, largest shareholder opposes the deal saying it would be better left as a stand alone company. >>> and angela merkel's first visit to athens since the eurozone crisis as finance ministers meet today in luxemburg. >>> very good morning to you. a new week on "worldwide exchange." and too late. if you haven't got your application in, it is too late. bank of england government job should have been in half an hour ago. so if you didn't make it, you're not going. jim o'neill wasn't applying, scott mcdonald wasn't applying either. i didn't get mine in. so never mind. stick here. also coming up, we'll be heading to new delhi to hear how undoing regulatory requirements could boost investments. details from one of the author of the quarterly cfo survey. and also president chavez is fig celebrating a hard-fought victory. if you have any thoughts, comments, whatever you like, e-mail us worldwide@cnbc.com or tweet @cnbcwex or @rosswestgate. first we
for trading tomorrow. that's it for us. power lunch begins now with more storm coverage. >>> thank you very much. we start with breaking news on the markets. they will reopen tomorrow. >> indeed they will. and bob pisani is on the story, as he has been since the beginning of this storm event. bob what do we know at this point? >> the important thing is it's all systems go the words everybody has about wanting to hear. nyse and nasdaq, all of the exchanges under a lot of pressure right now. here is the statement we just got from the nyse. we are pleased to be able to return to normal trading tomorrow. our building and systems were not damaged and our people have been working diligently to ensure we have a smooth opening tomorrow. our thoughts remain with the families and communities suffering in the wake of this disaster. the important thing, nyse building and trading floor fully operational, those are the words that we wanted to hear. no damages to the building. of course, all morning, meetings with the operations team to make sure that things are possible to get going. a lot of issues conc
the response to the terrorist attack on the u.s. embassy in benghazi. cnbc's own john harwood has the latest. good evening, john. >> good evening, larry. mitt romney tried to build on his successful debate last week by talking foreign policy today and attacking president obama as simply not someone leading. >> i know the president hopes for a safer, freer, and more prosperous middle east allied with us. i share this hope. hope is not a strategy. >> we don't know if that line is going to work, but we know from new polls out today he's made significant headway since the debate. puts a lot of pressure on the vice presidential debate later this week. we'll talk about it at athe bottom of the hour. >> we will see you later on that very topic. also this evening, one battleground state, michigan, will vote on a state constitutional amendment to allowing collective bargaining, unlimited wage increases, and unchecked union power. michigan's governor rick snyder says how it will disrupt his state. they paid hundreds of thousands to a chicago consulting firm for training sessions where employees chant
to fix the u.s. economy. waiting on spain, the ecb expected to hold steady on rates. country's president tells cnbc that europe's policymakers must remain focused. >> if we get bogged down into what was meant by the june agreements and waste time on this kind of discussions, then it's much less likely that a coherent system will emerge. >> madrid continues to put faith in the hands of private investors while finance minister heads to london to raise funds for the country's bad bank. and india's crucial services sector grows at its fastest rate in seven months, while the government gets set to take another swing at boosting it through foreign investments. thanks very much for joining me. anyone that's missing ross, he'll be back in tomorrow. but for now, you're all mine. . plenty to come on the next couple hours of the show. lots of guests to help us figure out what's going on. we'll get a view from sydney about cautious shoppers. borrowing costs are expected to fall. we'll bring you those results from madrid. and we'll head out to malaysia for an exclusive interview with the country's pr
>> carly, it's been a pleasure having you with us today. >> great to be back. >> we have a lot to talk about with her as the campaign continues. "squawk on the street" begins right now. >>> good monday morning. welcome to "squawk on the street." i'm melissa lee along with carl quintanilla, jim cramer and david faber live from the new york stock exchange. let's see how we're setting up this morning, this after the dow hit its highest levels in nearly five years on friday. taking a little bit of a pullback here. the dow is down 48 points here, according to fair value. nasdaq looks to lose about 15.50. finance ministers are gratherring fgrath eathering for a two-day meeting in luxembou luxembourg. our roadmap starts off in china. a lower economic forecast from the world bank? is their economy getting even worse? >> earnings season here begins tomorrow with alcoa, costco, jpmorgan highlighting the week. we'll tell you why alccoa is a tell on how earnings will go. >> more worries for apple investors. reported work stoppages at foxconn. the stock now below the 50-day moving average.
's going to happen in the middle east. no way these ceos are going to step out on the ledge and give us rosy outlooks. >> you talked about guidance, josh, and how important it's going to be. how much do you expect american corporations to talk about the fiscal cliff and what it's doing to them? >> i don't think it's showing up in the results they're talking about this quarter -- >> but will they give guidance going forward -- >> right now earnings are running 4-1 over positive preannouncements. if you look at what they're blaming, actually, thompson reuters say 50% of the companies have blamed europe, the companies negatively. 8% warned based on strength from the dollar. another 6% blame china. you're not hearing a lot about fiscal cliff uncertainty, at least not yet. i think the right question to be asking ourselves is, whether or not those trends, the things that management are blaming, are bound to continue into another quarter. none of them strike me as one off. all of them strike me as the types of things that could persist. that's why i talk about being concerned more about q4 tha
beneficial to biden last night. not quite sure if that was true. >> what's hard for us over here is that the debate which is at 9:00 eastern time for us starts at 2:00 in the morning. so we have to wake up and try and rely on accounts. >> what is amazing to me is how warmly they greet each other and behind the smiles, they're saying i'll beat your brains out. >> we do the same thing, don't we? >> yes. this is a total act. behind it, we hate each other. fortunately, we do like our next guest, head of research at credit suisse 3r50iprivate bank. as an investor as we watch the maturation of the u.s. election campaign, what actually matters some. >> the fiscal cliff. obviously many things matter at the more detailed level, as well, but we're all worried about how that will be sorted out and the way that the white house goes, the way congress goes is pretty critical to that. >> have you heard anything from anybody that made you more comfortable, or is it just a big -- how do we price it in? >> when we talk to investor, the line we're getting is people believe that everything will be s
and r and use somebody else as a point of pride? do you say next time this isn't going to happen? >> someone yesterday was saying is the selloff -- how much is related to how bad the numbers are and just how much to the way that the newspapers came out. >> i think it's the numbers themselves. >> i don't understand why the street was so far off on that. >> an analyst says google is above all others. in hindsight he'll say not surprising. but earlier this week, it was google is the one who will never stumble. >> you have the mobile problem and the motorola problem. >> mobile is a bigger problem. >> if you could see what was happening in facebook shares yesterday, same issue because it's clearly impacting everybody. nobody be's figured out a way to make a dollar. >> and other analysts have said i don't understand why google would be different. if you're worried about mobile and how nobody has figured out how to make money off of mobile and get the ad space there. >> has anyone gone on to google today? if they had a sense of humor, it would be -- >> 1987 crash? >> no, they would be m
.8% for the quarter. earnings news maker is caterpillar ceo, joining us at 8:00 eastern time. joe mentioned the markets and friday's tough finish to stocks. the dow dropping more than 200 points during the session. but the major indexes did hold on to small gains for the week. and check out the calendar. two day fmoc meeting beginning tomorrow. wednesday, new home sales. thursday, we get the weekly jobless claims, durable goods and pending home sales and friday consumer sentiment, so a huge week and it all wraps up with the first quarter read of third quarter gdp. that number will be watched closely. our squawk market master this hour is marc faber. he'll be joining us onset in just a moment. in fact i think i see him making his way out now. also politics are on the agenda today, as well. we have the third and final presentation debate set for tonight in florida. that final 90 minute showdown will focus on foreign policy. bob schieffer of cbs will be moderating. you can watch complete coverage right here on cnbc and of course the cnbc twicker will be live. right now let's get you up to spee
before earnings season began. stocks losing $500 billion in just three days and that's just in the u.s. markets alone. u.s. equity futures have this hour -- take a look at the board. we've got green arrows. dow looks like it would open up about 18.5 points higher. the s&p 500 would be up about two points. two big stories could have a very big impact on today's sessions. let's start with the central bank. the policy decision is expected from the fomc around 2:15 eastern time. economists aren't looking for any change in rates and the fed appears intent to stick to its bond buying program. it would take more than a modest show of economic strength for them to begin taking their foot off that gas pedal. we've got names set before the bell. those include at&t, boeing, bristol myers, and a few other stocks to watch. put this in the bad news bears reporting. revenue falling short, though, and the company announcing plans to cut 5% of its work force and close 20 plants, part of a restructuring program aimed at countering the slowing global economy. andrew liveris will be joining at 6:30. faceb
to carolyn roth and she joins us from zurich. what kind of mood did you find mr. dugan in ? >> he's always pretty upbeat, and he always talks business, but that's his job. the numbers for the third quarter weren't so bad. yes, on the bottom line, we did see a slight miss because net income only came in at 254 million swiss francs versus expectations of 370 million swiss francs. and that was a decline of 63% from a year ago. but after looking through analyst notes, strong investment banking revenues of 3.3 billion swing franks and that is largely driven by the strong feksed income trading which really saw a nice pick up in the third quarter. equity business still somewhat weak. the capital himself has improved and that's very crucial for the company because it was criticized heavily especially by the swing national bank over the summer and then credit suisse took the necessary steps to address the capital shortfall. and thirdly, credit suisse came out and said it's upping its cost savings target by another 1 billion swiss francs, actually the second time it's doing that this year. but i thi
around 3 million jobs in the u.s., while adding almost as many overseas. no company went global more aggressively than general electric, the conglomerate that makes everything from refrigerators to m.r.i. machines to jet engines. yet as lesley stahl reported in october 2011, when president obama was looking for someone to help get americans back to work, he recruited a most unlikely candidate: the republican ceo of general electric, jeff immelt. >> the mood is dark. people are pissed. why not try to do better? >> jeff immelt talked about his czarship at a gathering of g.e. managers. >> you know, i grew up in cincinnati, ohio, and my parents are really right-wingers. my dad watches, like, five or six hours of fox news every day and stuff like that. so i called home and said, "hey, just to give you a heads-up, you know, i'm gonna be with the president, and he's asked me to lead this jobs council." and my mother said, "well, you said no, of course, didn't you?" [laughing] i said, "no, mom, that's not what i said." [cheers and applause] thank you. >> when you were chosen, there was a lot
guest tom gardner, ceo of "the motley fool." tom, good to see you, thank you for joining us. >> good to see you, maria. >> we got the numbers out on friday showing 114,000 new jobs created for the month. the unemployment rate the lowest in 3 1/2 years, 7.8%. were you surprised by the numbers? what do you think it tells us where we are in the recovery? >> this is good news, no question. i think there are a couple of things to remember. first you get the context. we're 7.8% unemployment. historically over the last 60 years it has been 5.8%. two percentage points above where we would like to be in the u.s. the other thing is where are the jobs coming from? we see health care is a healthy area for unemployment, manufacturing is not. i think that will continue to be true. american workers need to understand we are moving to a knowledge economy, technology, solutions and services and not product. there is that shift going on in the workforce as well. >>> the markets neared multiyear highs this week. money has been moving in to stocks, do you think it continues to go up and do you think thi
drury. thank you for joining us. let me get your take, steve. on the jobs report on friday, what should we expect? >> i think it's going to come in lighter than the adp. the adp has been a poor indicator of the jobs number. i think there's a reason the fed gave us qe-3, because they saw the softness in the labor market. i think it could come in a little on the weak side. more importantly, the official jobs number is the revisions backwards. they've been going back through previous months and knocking down those numbers. i think i wouldn't be surprised if it came in a little soft. >> kate, do you agree with that? if so, is this priced into the market? >> yes, absolutely priced in, maria. great question. what they're going to expect is for it to be terrible. if it isn't terrible, we'll see a rally. what matters most to this market is earnings. we're in pre-earnings disappointment season where we're going to float a little bit until earnings come out. we've seen a friend where earnings have beat expectations. we've gone down to earnings, earnings beat expectations, then we've had a good ra
and election and on and on. here to help us in the closing bell exchange, stephanie link and steve leesman and peter sh ii shiff will join us as well. >> 2 3rs% is not enough to sustain, putting the unemployed back to work and taking idle factories and putting them back to work. the consumer seems to be hanging in there. the negatives seem to be a big part of it was defense spending, 0.7 of the 2% was defense spending, although that was a pay back for 3/4 of declines we've had. this needs to turn around to have a good recovery and have this economy firing on all cylinders, that's not been the case and business seems to be holding back. >> stephanie, you're blaming the uncertainty over the election, right? you say that's holding back decision-making and holding back hiring plans putting money to work? >> from the investor point of view the market does not like uncertainty. with this election being so close, i think there is definitely money on the sidelines and at least once we get an answer there, we can start to put the pieces to the puzzle on the fiscal cliff together and get a little mo
back with me and david and richard peterson and rob morgan. thanks for joining us, lizann, going into year end, do you want to be invested and exposed to stocks? >> it may be early if you're trading oriented. i wouldn't be surprised to see a bit more choppy action and perhaps that extends but we may not quite have gotten there yet. >> we'll keep watching for possible further decline in the market and deterioration on the earnings story. rich peterson, we knew we were going to look at a contraction, how many companies? is it 25% of the s&p 500 has reported? >> that's correct, little bit more than that. 23% have missed. but the dilemma they are saying is trying to find growth. when we started on october 9th when alcoa kicked off. a 1 to 2% decline in third quarter earnings. financials has been the main stay, in part maybe we look at the numbers today, a little improvement, little help by refinancing, which is helping consumer cash flow. >> but the revenue hasn't been great, right? >> that's going to continue into the fourth quarter and first quarter of 2013. low single revenue grow
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